VANCOUVER, Aug. 18, 2011 /PRNewswire/ - Wesgold Minerals
Inc. (TSX-V: WSG) is pleased to announce that it has closed its
previously announced $2.0 million
private placement of convertible debentures. The debentures
are convertible into a maximum of 4,255,318 common shares of the
Company at the rate of $0.47 per
share on or before July 31, 2012, and
bear interest at the rate of 8% per annum.
The debentures and any shares which may be
issued thereunder have a resale restriction until December 19, 2011.
Simon Ridgway Appointed as Chairman
Wesgold is also pleased to announce that
Simon Ridgway has been appointed a
Director and Chairman of the Board. Mr. Ridgway is a well
known financier with over 20 years of mining and exploration
experience worldwide. He is currently the Chairman of Fortuna
Silver Mines Inc, and President and director of Radius Gold
Inc.
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration gold and copper projects
in Colombia. Wesgold recently
optioned the Cordoba property, covering 25,790 hectares in the
Department of Cordoba, Colombia,
200km north of the city of Medellin. These claims cover underexplored
marine volcano-sedimentary rocks and are prospective for porphyry
copper/gold and iron-oxide-copper-gold-style (IOCG) mineral
deposits. Numerous artisanal gold workings occur throughout the
Cordoba property, which has seen small-scale artisanal production
for over 30 years. Recent gold discoveries in Colombia, including Anglogold Ashanti's La
Colossa gold porphyry, have highlighted the world-class potential
of the country.
ON BEHALF OF THE BOARD
"Ralph Rushton"
Ralph Rushton, Director
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this news release.
SOURCE Wesgold Minerals Inc.